She Strengthens

From Humble Beginnings to Shark Tank Success: The Story of LuminAID

A Chance Encounter Leads to a Lifelong Partnership

When Columbia University classmates Andrea Sreshta and Anna Stork teamed up for a project in 2010, they had no idea that their creation would eventually earn them a spot on a popular TV show and a substantial investment from a renowned entrepreneur.

The Birth of LuminAID

Anna recalls the origin story of LuminAID, a rechargeable solar lantern that has been distributed worldwide. “We designed a humanitarian aid project for a graduate-level architecture class, inspired by the lack of lighting solutions for disaster relief after the Haiti earthquake.” Andrea adds, “We saw the potential for our design to make a real difference, so we took it beyond the classroom.”

Bootstrapping and Crowdfunding

Andrea and Anna invested $7,500 each and crowdfunded an additional $50,000 to launch LuminAID in 2011. They leveraged business-plan and grant competitions to fund their early years, eventually breaking $1 million in sales by 2015.

Taking a Chance on Shark Tank

The duo was drawn to Shark Tank, having been huge fans of the show. After a lengthy application process, they received a call from producers and were invited to film an episode. Anna notes, “We practiced our pitch relentlessly, but we didn’t prepare for receiving offers from all five sharks!”

Why They Got Picked

Anna believes that their traction, customer interest, and humility played a significant role in getting selected for the show. “We showed that we were willing to learn, pivot, and ask for feedback.”

The Shark Tank Experience

Andrea describes the experience as a mix of Hollywood magic and intense questioning. “We negotiated with the sharks for nearly an hour before making a deal with Mark Cuban.” Anna adds, “Once we saw the sharks’ reaction to our product, we felt prepared and confident.”

Working with Mark Cuban

Since partnering with Mark Cuban, Andrea and Anna have enjoyed a strong working relationship. “He’s been wonderful, offering valuable advice and support.” Anna recalls Cuban’s guidance on coping with copycat companies: “Focus on making the best product possible, and don’t compete on price.”

The Impact of Shark Tank

Appearing on Shark Tank significantly boosted LuminAID’s brand awareness, enabling them to break into larger retailers like Home Depot and REI. Since airing, their revenue has grown over five times, and they’ve expanded their team from two to eight full-time employees.

Advice for Entrepreneurs

Anna emphasizes the importance of building a community of fellow entrepreneurs. “Join co-working spaces, incubators, or online groups to connect with people who can offer guidance and support.”

What’s Next for LuminAID?

Andrea looks forward to expanding their relief aid partnerships and developing new products to promote sustainable energy and power use off-grid. With their innovative spirit and dedication to making a difference, the future looks bright for LuminAID.